Questerre Energy Corporation

Questerre Energy Corporation

September 02, 2005 00:05 ET

Questerre Private Placement Oversubscribed

CALGARY, ALBERTA--(CCNMatthews - Sept. 2, 2005) - Questerre Energy Corporation (TSX:QEC) ("Questerre" or the "Company") is pleased to announce that its $8.2 million private placement has been fully subscribed.

The placement consisted of the issuance of 9,987,690 Common Shares at 4.35 NOK (C$0.82) per Common Share. Settlement and registration is expected to take place next week. DnB NOR Markets and Pareto Securities ASA acted as the Company's advisors in connection with the placement.

Michael Binnion, President and Chief Executive Officer, commented, "The placement was oversubscribed by seven times and I am very pleased with the support of the market. The proceeds of this placement will enhance our ability to pursue acquisitions and further develop our Company."

Questerre Energy Corporation is a Calgary-based independent resource company actively engaged in the exploration for and development, production and acquisition of large-scale exploration and development projects in Canada.

This news release contains forward-looking information. Implicit in this information are assumptions regarding commodity pricing, production, royalties and expenses, that, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance. Actual results could differ materially as a result of changes in the Company's plans, commodity prices, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee made by the Company that the actual results achieved will be the same as those forecasted herein.

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